Companies reporting next week

AIRPORTS operator

The company, which runs seven UK airports including Heathrow and Stansted, is expected to focus on retail spending by passengers passing through its terminals. Fund manager Gerrard is predicting pre-tax profits will rise from £439m to £440m after passenger numbers increased during December.

Gases supplier BOC Group is likely to report another robust performance despite tough operating conditions when it updates the City on first-quarter trading on Tuesday. NatWest Stockbrokers is predicting a 14.3% rise in pre-tax profits for the quarter to £97.5m, from £83.6m last time.

Cost-cutting programmes are expected to have offset the impact of higher pension costs for the group and its exposure to currency fluctuations through its overseas divisions.

ScottishPower's third-quarter results, due out on Wednesday, are expected to show a 145% leap in pre-tax profits over the previous nine months.

Barclays Private Clients expects the group to unveil pre-tax profits of £482m, up from £229.5m last time. A sharp rebound in the profitability of the Pacificorp subsidiary in the US lies behind the expected increase.

Chemicals and paints giant ICI is set to report a slight fall in profits on Thursday with 2002 expected to have been a tough year for the group. Gerrard is predicting pre-tax profits for the year will have fallen to £400m, from £401m last time.

ICI has been hit by higher raw material costs and it is facing a pensions shortfall. But lower interest costs and reduced losses in associate businesses should help offset the impact.

Medical devices firm Smith & Nephew has appeared in the best of health in the past year after seeing strong demand for hip and knee replacements boost its orthopaedics division, which generates around 40% of sales.

The extent of the progress will be known on Friday when S&N issues pre-tax profits, forecast to be £205m compared with £181m a year earlier.

Stable oil prices and higher gas revenues should drive up Shell's fourth-quarter earnings over the previous three months but the energy giant will still post a sharp decline in full-year earnings on Thursday.

Like BP, Shell has been hit by the uncertain economic conditions and weak refining margins which are forecast to leave annual pre-tax profits at $9.4bn (£5.68bn), compared with $11.9bn (£7.2bn) last time.

The exploration and production division should again account for the large majority of the profits with annual production growth of 9%, helped by the acquisition of UK independent company Enterprise Oil.